Excluding Bitdeer, the hashrate of listed miners falls by 21% in six months

The mining market is experiencing a change of pace. After several years of expansion, listed miners are now reducing part of their capacities. In the second quarter, this development was accentuated, while certain operators are orienting their infrastructures towards AI and high-performance computing. Excluding Bitdeer, the hashrate produced by tracked miners fell by 21.2% in six months. This drop highlights a shift in resources, while revenues linked to colocation are increasing among several bitcoin players.

Listed miners reduce their computing power

The analysis by Blocks Bridge Consulting, relayed by Bitcoin News, is based on an expanded cohort of listed bitcoin miners and an updated series of networks. Their combined realized hashrate reached 368.3 EH/s in the fourth quarter of 2025. It then fell to 344.4 EH/s in the first quarter of 2026, then to 319 EH/s in the second quarter. Over six months, the decline therefore reached 13.4%, compared to 10.6% for the network average, which went from 1,071 to 957 EH/s. Listed companies have thus reduced their power faster than the entire network.

In the first quarter, a few expanding miners had still offset several closures. This compensation disappeared in the second quarter, as capacity additions were no longer sufficient. Excluding Bitdeer, the hashrate achieved by other miners increased from 324.6 to 255.9 EH/s according tostudy . Above all, it reflects the decline in capacity among several miners who are reorienting their installations towards other uses regionally.

Bitdeer limits the extent of Bitcoin’s decline

Bitdeer is the main exception in this evolution. Its realized hashrate increased by 44% between the fourth and second quarters, reaching 63 EH/s. The company relies in particular on its own SEALMINER production line. In June, it announced 73 EH/s of self-mining capacity and 15.9 EH/s of co-mining capacity. It also produced 990 bitcoins during the month, an increase of 388% year-on-year.

MARA and American Bitcoin have also increased their capacities. However, their additions did not offset the reductions seen at Cango, Cipher, Keel Infrastructure, Core Scientific, TeraWulf and IREN. Cango particularly illustrates this change in trajectory. After reaching 50 EH/s of deployed capacity in 2025, the company began retiring inefficient machines. It also rents part of its power and moves certain capacities to less expensive regions.

HPC revenue that changes priorities

The decline in capacity accompanies a shift in revenues towards colocation and high-performance computing. At Core Scientific, this activity now takes a central place in the second quarter results. TeraWulf is following a similar trajectory, while other players still remain largely dependent on bitcoin mining.

Here are the main figures for the quarter:

• Core Scientific: $136.7 million in revenue from colocation, versus $27.5 million from mining.;
• Core Scientific colocation: 83% of revenue in the second quarter, compared to 67% in the first;
• TeraWulf: $31.9 million in HPC revenue, versus $12.8 million from mining;
• HPC at TeraWulf: 71% of total revenue and 62% market share in the first quarter;
• Riot Platforms: $23.2 million linked to data centers, compared to $113.7 million from mining;
• Bitdeer: $14 million in revenue thanks to cloud AI, compared to $197.1 million from mining.

The rest of the sector, however, is moving more slowly in this transformation. Hut 8 and MARA saw more modest contributions in high-performance computing. For their part, Cipher and Keel Infrastructure had not yet recorded any HPC revenue.

A contraction different from that observed after 2021

The current movement takes a different form than that caused by the ban on mining in China in 2021. At that time, the power of the Bitcoin network had almost halved. The hashrate had reached 57.5 EH/s in June 2021, before miners gradually relocated their activities. By December, the network had almost returned to its previous level. The United States then became the main American center for bitcoin mining.

Public companies had raised capital, acquired power sites, and ordered new generations of ASICs. This dynamic had eventually pushed the network beyond one zettahash per second. Only one halving has occurred since this expansion began. From now on, part of the equipment and infrastructure accumulated after China is gradually leaving the network.

Some machines are taken out of service, while electrical infrastructure changes use. Other capacities are amortized more quickly to support GPU-related activities. The movement is therefore not based on a single shock comparable to the Chinese ban. Rather, it results from lower mining profitability and increased competition for capital and electricity. Several miners must therefore arbitrate between production, power rental and new infrastructure.

What happens next will depend on the speed at which operators continue these conversions. If HPC revenues continue to grow, infrastructure could retain a growing place in their business models. Conversely, a stabilization of the profitability of bitcoin mining could change the pace of closures and reallocations. The next quarters will above all make it possible to measure whether the decline is lasting or remains linked to this transition phase.